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Insurance in Superannuation Voluntary Code of Practice

Sunsuper are strong supporters of the Insurance in Superannuation Voluntary Code of Practice (Code) and we adopted the Code upon it commencement date of 1 July 2018. Sunsuper are compliant for Sunsuper for Life.

Download a copy of the Insurance in Superannuation Voluntary Code of Practice.

How do Sunsuper Comply?

 Key Code Requirements  Sunsuper for Life Sunsuper for Life Business Sunsuper for Life Corporate 

 Sunsuper for Life (former Kinetic members)

Benefit Design  ✔  ✔  ✔  ✘
Membership Segmentation  ✔  ✔  ✔  ✘
Erosion Measures  ✔  ✔  ✔  ✔
Cancellation Online  ✔  ✔  ✔  ✔
Automatic Cessation  ✔  ✔  ✔  ✘
Claims Handling  ✔  ✔  ✔  ✔
Communications  ✔  ✔  ✔  ✔
Intention and Comprehension Statements  ✔  ✔  ✔  ✔
Interpretation Services  ✔  ✔  ✔  ✔
Supporting Vulnerable Consumers  ✔  ✔  ✔  ✔

Annual Code Compliance Report

As a part of adopting the Code, Sunsuper is required to provide an Annual Code Compliance Report.

The Annual Code Compliance Report will provide:

  • Any instances where Sunsuper has failed to comply with the Code
  • Details of any instances where Sunsuper has determined that complying with the Code is not in the best interests of its members
  • Any measure Sunsuper put in place to improve their Code compliance.

The first Annual Code Compliance Report is due to be released after 1 July 2019 and will be available to view after this date on this page of our website.

Sunsuper’s Insurance Strategy

Our Insurance Strategy includes the Insurance Objectives / Principles as outlined below.

Insurance Objectives/Principles

The following insurance objectives/principles have been adopted in developing the insurance strategy ensuring that the premium structure and levels are sustainable, taking into account the impact premiums have on members’ retirement benefits.

1. Product and services
• are designed in our collective members’ best interests,
• are appropriate and affordable for our membership,
• take into account the views / feedback of members,
• contain innovation which is valued by a significant portion of our member base and delivered cost effectively,
• are continually reviewed and updated, and
• are viewed as being above the industry benchmark (e.g. top quartile for features / functionality and premiums (voluntary cover – at occupational category level, default cover – Funds with a similar occupational profile)) over the solution life cycle,
2. Premium cross subsidies are limited across ages and gender as far as is practicable,
3. Transition between products should occur easily and without diminished benefits,
4. Members are able to easily tailor their insurance cover (pricing, features, service) to meet their specific needs, and
5. Member communication and service capabilities are efficient, understandable and respectful to members and their beneficiaries.

Refund of premiums to the Trustee

As part of Sunsuper’s arrangements with AIA Australia to provide insurance to Fund members, the Trustee may receive a refund of premiums, depending on the level of claims against the insurance policies. The Trustee will pass on any refunded premiums through adjustments to future premiums, or will use refunded premiums to assist with insurance administration costs. Any refunded premiums which are received and not yet used for these purposes are allocated to an insurance reserve.